In a recent statement issued on its official social media platform, the Nigerian National Petroleum Company Limited (NNPCL) has addressed growing concerns about the possibility of a surge in the pump price of Premium Motor Spirit (PMS), commonly known as petrol.
On Monday, at approximately 11:48 PM, NNPCL took to its official social media account to assure the public that it has no intentions of raising the pump price of petrol. The national oil corporation, which serves as a prominent importer of petrol in Nigeria, expressed its commitment to maintaining affordable prices for its valued customers.
“We wish to inform our esteemed customers that, contrary to widespread speculations, NNPCL Retail has no plans to increase the pump prices of PMS. We deeply value your patronage and encourage you to continue enjoying our high-quality products at the most reasonable rates available at NNPCL Retail stations nationwide,” the statement read.
NNPCL Retail is a subsidiary of NNPCL specializing in the retail distribution of refined petroleum products.
This statement follows a warning issued by oil marketers on Sunday, who indicated that petrol prices could rise significantly in the coming weeks, reaching a range of N680 to N720 per litre. The projected increase was attributed to the fluctuating exchange rate of the Nigerian Naira to the US Dollar, with the dollar trading between N910 and N950 on the parallel market.
Oil marketers also revealed that the scarcity of foreign exchange was hindering their ability to import petrol, causing delays and uncertainty in the market. They highlighted the challenges of securing foreign exchange through the Central Bank of Nigeria’s Importers and Exporters’ official window, which offered a lower exchange rate of around $740 per litre but lacked liquidity to facilitate the required importation of PMS.
The ongoing negotiations between stakeholders in the petroleum industry have also caught the attention of the Nigeria Labour Congress (NLC). The NLC issued a stern warning on Monday that it would initiate a nationwide strike without formal notice if marketers proceeded to increase the pump price of petrol before concluding ongoing negotiations. NLC President Joe Ajaero further urged the Federal Government to address the devaluation of the naira, emphasizing its impact on the economy.
This latest development comes in the aftermath of the fuel subsidy removal in May, which triggered organized labor’s attempt to strike due to soaring prices of goods and services. However, the Federal Government obtained an injunction from the National Industrial Court, preventing the labor movement from engaging in the strike action.
